The Madhya Pradesh Rajya Sahakari Bank was incepted in the year 1912 at Jabalpur. The bank was initially named “Provisional Cooperative Bank Ltd. Central Provinces brar”. The head office of the bank was later transferred to Nagpur.

The bank had initially started with the aim of lending to agriculture sector. With the formation of Madhya Pradesh state in the year 1956, the bank was renamed to "M.P.Rajya Sahakari Bank Mydt. “ ( M.P.State Coop Bank Ltd.)expanding their working with 56 District Central Coop Banks simply on the basis of one district one bank rule the number of District Central Coop.

The bank currently has 20 branches and has deposit and loan schemes both. It now lends to non agricultural sector too.